FINANCIAL SERVICES
In House Accounting
Financial management is performed in-house using CINC Systems, the leading property management and accounting services platform. The Finance Team will liaise with the HOA’s CPA for tax preparation, its designated attorney for collection actions, and a reserve study specialist, as appropriate and as directed by the Board.
| Accounts Receivables | Homeowners have multiple payment options, including e-check and credit card. Monthly billing statements are emailed and mailed to opted-in owners. Lockbox service is provided for paper checks via Enterprise Bank. |
| Accounts Payable | Board access to lock box payables website to view the HOA’s invoices and vendor payment history. Approved checks are signed electronically and released for payment. All reserve account invoices require two Board member approvals before being signed electronically and released for payment. ASPM deposits designated funds into the Association’s savings account for reserve build-up. Association bank statements are received electronically and reconciled monthly for provision to the Board via the Association’s CINC web portal. ASPM replenishes a petty cash account, if the HOA has one, after receiving approved copies of cash receipts. |
| Compliance Administration | Routine courtesy notices, violation tracking, hearing coordination, compliance correspondence, and Board or committee support. |
| Reservation and Amenity Administration | Routine clubhouse, facility, parking, key, access device, and amenity reservation administration based on the Association’s rules and procedures. |
| Portal Administration | Homeowner and Board 24/7 portal access to manage accounts, access community documents, announcements, calendar updates, and submit online service requests. |
| Electronic Records Management | All homeowner files and record of all Association business are scanned and stored electronically, free of charge to the Association. |
| Financial Statements | HOA’s transaction activity that include: – Operating account balance sheet – Reserve account balance sheet – Operating and reserve account cash flow statements – Operating and reserve budget comparison reports – Prepaid and delinquent reports – Income and expense registers – 12-month expense comparison Financial reports, including bank reconciliations, are posted on the HOA’s CINC web portal for Board-only access. We establish modified, accrual-based financial reports for your property, as required by law. A sample report will be made available upon request. |
| Budget Preparation | ASPM provides the Board with a draft annual budget for the HOA and attends two budget-planning meetings annually. ASPM obtains Board approval, compiles and distributes the year-end package with all required disclosures. |
| Reserve Study | ASPM compiles and completes forms with extensive property data necessary for reserve study specialists in the preparation of a reserve study. |
| Delinquent Accounts | Delinquencies are monitored and administered per Board policy. Late notices for past due balances are tracked in CINC and posted in the owner’s account, viewable by the owner and Board |
| Collections* | ASPM initiates collection proceedings up through lien filing for dues not received within the legal time frame. Beyond lien filing, delinquent accounts are provided to the HOA’s attorney for further action. |
| Small Claims* | ASPM initiates and processes small claims actions on behalf of the HOA when authorized to do so by the Board of Directors |
| Payment Plans | ASPM acts as liaison in interfacing between the Board and approved persons in addressing collection concerns and requirements. |
Collection actions noted above with an asterisk (*) are billable extra fees to the HOA and will be posted to the delinquent owner’s account pursuant to the HOA’s collection policy.